Angling Direct shares in green following record Black Friday performance

Angling Direct shares in green following record Black Friday performance

Angling Direct PLC (Angling Direct PLC) have seen their shares in green after the firm reported a record Black Friday performance.

In October. Angling Direct announced a new acquisition in the form of Erics Angling Centre. The deal was valued at £1.1 million as Angling Direct stampeded their influence in the British Angling market.

Eric’s reported revenues of £5.2 million in 2018 and looked like a sound investment for Angling Direct.

One week later, the firm made another announcement which enlightened shareholders about the appointment of Steven Crowe as new CFO. Crowe begum his career at PricewaterhouseCooper where he rose to the ranks before taking positions in senior finance at Aviva.

Today, the firm has given shareholders another positive update by achieving a record performance during the Black Friday trading period.

Additionally, the retailer said that they would be opening a new store in the UK.

The fishing tackle equipment retailer said the store opening – which took place last Saturday – brought the total number of Angling Direct stores across the UK to 33.

The new store, a  independent former fishing tackle store, is located in Snape Hill Road, Darfield, and has been completely renovated in order to stimulate trading and business.

“We are excited to have opened our latest store in Barnsley, which supports the recent opening of the Rotherham store. The new store offers products for all disciplines across this very enthusiastic angling community,” said Chief Executive Darren Bailey.

The AIM-listed  company said its sales grew by 11% from November 25 to Monday last week to £1.9 million.

Across this period, Angling Direct said it has supplied 5,868 new customers, with Black Friday transactions up 29% to 18,204. Profit during the Black Friday week was up 50% on last year, the company noted.

We are delighted to report that trading remains strong, which is due to recent store openings, enhanced operational performances both in store and online, and our targeted approach towards Black Friday, which resulted in a record performance,” added Bailey.

It seems that Angling Direct have once again managed to pull it out of the bag, as the firm has managed to pluck results out of a tough period of global UK trading.

Angling Direct have shown a resilient nature, and will not be overcome compared to some other UK High Street Retailers.

The UK High street has seen an tough period across financial 19, and many high street names have closed.

As Mothercare descended into administration in November, Angling Direct will have pleased shareholders with the impressive update showing market growth and also profits rising.

Shares of Angling Direct modestly rallied 0.73% to 66p on Monday afternoon. 9/12/19 13:54BST.